Hello, dear traders! The new week has started, so we are once again here for you with the daily trading plans.
EUR/USD: The pair pushed higher on the wave of short-covering, but failed to fix above 1.2550 for now (38.2% Fibo). We expect the upside to be limited by the 1.2600 figure – this is where the medium-term trend resistance lies. On Tuesday watch German and euro zone’s economic sentiment data at 10:00 GMT (forecasts – upbeat).
GBP/USD: The pair started Monday on the positive note, but was viciously rejected at 1.5730. Support is at 1.5600. There may be some consolidation above this point, but then the downtrend will resume. A close below here will make us target 1.5500. On the upside further resistance is at 1.5789 and 1.5875. On Tuesday watch British inflation data (09:30 GMT) – the figures will likely keep GBP under pressure.
USD/JPY: The pair stays above 115.50. PM Abe is widely expected to call a snap election and delay sales tax hike. There’s a talk that Abe he give a press conference tomorrow. USD/JPY may test 107.90 (Oct. 2007 high) on the announcement. Until then the pair will likely remain consolidative with more support at 115.00.
AUD/USD: Bullish demand for the Aussie dollar remains limited by the 0.8800 mark for now.The price is unlikely to overcome this area, at least from the first attempt. Next support to watch lies at 0.8700 and 0.8640. Australia is scheduled to release RBA meeting minutes tonight (00:30 GMT). Later in the day RBA Governor Stevens will deliver a speech in Melbourne (8:25 GMT).
EUR/USD: The pair pushed higher on the wave of short-covering, but failed to fix above 1.2550 for now (38.2% Fibo). We expect the upside to be limited by the 1.2600 figure – this is where the medium-term trend resistance lies. On Tuesday watch German and euro zone’s economic sentiment data at 10:00 GMT (forecasts – upbeat).
GBP/USD: The pair started Monday on the positive note, but was viciously rejected at 1.5730. Support is at 1.5600. There may be some consolidation above this point, but then the downtrend will resume. A close below here will make us target 1.5500. On the upside further resistance is at 1.5789 and 1.5875. On Tuesday watch British inflation data (09:30 GMT) – the figures will likely keep GBP under pressure.
USD/JPY: The pair stays above 115.50. PM Abe is widely expected to call a snap election and delay sales tax hike. There’s a talk that Abe he give a press conference tomorrow. USD/JPY may test 107.90 (Oct. 2007 high) on the announcement. Until then the pair will likely remain consolidative with more support at 115.00.
AUD/USD: Bullish demand for the Aussie dollar remains limited by the 0.8800 mark for now.The price is unlikely to overcome this area, at least from the first attempt. Next support to watch lies at 0.8700 and 0.8640. Australia is scheduled to release RBA meeting minutes tonight (00:30 GMT). Later in the day RBA Governor Stevens will deliver a speech in Melbourne (8:25 GMT).
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.